Get out of my sidebar! Ben’s Barometer September 2017
It came to my attention recently, that roll around mid-afternoon, big takeaway chains bombard our screens with enticing imagery of smiling families, pizza & burgers. This all happily coincides with kids engaged in afternoon programming and weary parents contemplating the evening meal. Oh, the convenience of super value meal deals and luxury of contented children!
In the old days, this was about as targeted as marketing got. And boy was it effective! There are even examples of American cereal companies developing TV advertising campaigns before they had fully developed the product. These days large cost, blanket marketing campaigns via post, print, TV, and radio are far less effective. And the world of marketing has been revolutionised by more personalised advertising formats.
It is only in recent times that real estate has made any significant shift away from these traditional methods of advertising. Including expensive and infrequent print advertising and, god help us, personal tours by your friendly real estate agent. I distinctly remember when Trade Me launched its property platform in 2005. My colleagues were outraged when they discovered their listings lumped together with those from competing companies. How dare they make it easy to search every listing in town from one easy to use platform!
Post the advent of the Trade Me Property, Real Estate.co.nz entered the market. Both allowed vendors to pay for prime advertising spots and buyers to register for alerts on homes meeting self-selected criteria. This was the beginning of more personalised real estate advertising. But this is all a bit old hat now, isn’t it?
Established five years ago, Homes is on a rapid rise to the top. They offer a one stop shop for all things property with over five million-page views in July alone. It would seem they are transforming the way the New Zealand public engage with real estate. Not only do they offer a user-friendly platform to search listings, they provide the ability to source additional property information which competing sites do not. This includes the sale and rental range estimates, construction materials, section contours, title reference, school zones, proximity to transport and shops. Within twelve months they hope to add to their arsenal with an online depository for works completed on any given property. This will make it infinitely easier for home owners to store records and for purchasers to access them.
Enter social media and boom, targeting that passive or inactive buyer just got easy.
User-friendly and relatively cheap platforms such as Facebook and Instagram, provide agents with a low-cost solution to advertising. These are must have tools in any serious agents’ repertoire.
Don’t get me wrong, many an agent will still roll out the great, urban real estate legend that is the ‘flat white drinking, brunch consuming, passive property buyer who browses print while awaiting their order. But with New Zealanders spending up to twelve hours a week on Facebook, and twenty hours online, this has been superseded by low cost, more targeted, online platforms.
Google ‘retargeting’ for selling houses
Take this one step further and you are entering the cutting edge of online property marketing. This is the realm of Google who has the ability to deliver highly targeted and personalised ad campaigns straight to your preferred browsing platform. You know the ones. It’s that dress you put in your shopping cart but never checked out, or that holiday destination you have been researching that is suddenly everywhere you are online. Those ads which have a spooky knack of popping up in your side bar as if these purchases were meant to be. This is ‘retargeting’ and these ads are driven by the collection of behavioural and geodata, collected as a result of your online browsing habits. Your very own, highly personalised, personal shoppers! They keep your property front of mind for buyers whether they like it or not! Real estate has been a bit behind other industries when it comes to retargeting, but now it’s here it couldn’t be more exciting!
Check it out here
So, if you are thinking about selling your house. Comprehensive, smart, targeted advertising is where it is at. You need to be anywhere and everywhere all at the same time and retargeting is how to get there. With these tools available to us, we can take your property and advertise it on websites, and in news feeds, that we never thought possible.
We can only hope that when it comes to your property, people are saying ‘get out of my sidebar!’
It would appear that we have entered a new cycle in Wellington property market. That is a whole new group of buyers who aren’t caught up in the hype of 2016. Most were not active during the frenzy, and they certainly don’t possess the same ‘fear of missing out’ that we have encountered previously. These buyers are happy to wait and see what other properties might come to the market and are more concerned with the overall condition of the property.
Although the number of listings continues to be historically low, we anticipate that days on the market will start to push as it is now taking longer to sell the average property. Adding to this extra time on the market are conditional offers. Yes, they are back and are another strong indicator of a changing market.
If you are thinking of selling, don’t be disheartened. The last two years have seen significant growth factored into your market value and well-presented homes continue to command good interest and sell very well.
WELLINGTON MARKET QUICK FACTS
Average sale price by Ward:
SEPTEMBER FUN FACTS
It’s father’s day this Sunday so if you’re not organised it’s time to get shopping (you’re welcome)! Let’s take a look at the history of Father’s day in NZ. .
Did you know:
- Only New Zealand, Australia, Fiji and Papua New Guinea celebrate Father’s Day in September.
- The most popular month for other countries to celebrate is the month of June, closely followed by March (started by the US).
- Father’s Day has only been celebrated widely in the US since the 20th century
- The tradition originated in Catholic Europe, where Fathers have been celebrated on March 19th since the middle ages. That’s a long tradition!
- The original Catholic date of March 19th was observed because of the feast day of Saint Joseph, who is referred to as the fatherly Nutritor Domini (“Nourisher of the Lord”) in Catholicism and “the putative father of Jesus” in southern European tradition.
Happy Father’s Day to all the Fathers reading this!
THANKS FOR READING
If you or anyone you know could benefit from a considered market assessment by Wellington’s only licensed agent and registered property valuer, please do not hesitate to call. We are always very happy to help.